Canadian-based Peregrine Diamonds Ltd. has begun its 2012 diamond exploration program in the Lac De Gras region of Canada’s Northwest Territories—about 300 km northwest of Yellowknife. The $1.5 million exploration program covers 51,000 hectares and includes geophysical surveying and drilling of high-priority kimberlite targets.

Currently, the diamond core drill is being mobilized and drilling will soon begin in select geophysical targets. Drilling is expected to end in May.

Lac de Gras is one of the world’s most diamond-rich areas, and home to major diamond mines such as Diavik and EKATI. Peregrine owns a large of claims in Lac de Gras and co-owns other shares in a joint venture with Thelon Capital Ltd.
Peregrine Diamonds Ltc. has seen robust growth and forward motion. In February 2012, Peregrine completed the purchase of BHP Biliton’s 51% stake in acquired a 100% stake in Canada’s Chidliak diamond exploration project. The purchase gave Peregrine 100% ownership of Chidliak, as well as BHP Billiton’s Canadian diamond exploration database—a resource important to the discovery of a new diamond district. The company also recently appointed a new Executive Vice President of Business Development.